Stifel analyst Brian Chin downgraded SkyWater Technology (SKYT) to Hold from Buy with a price target of $35, up from $25, after the semiconductor foundry entered into a definitive agreement to be acquired by quantum computing platform company IonQ (IONQ). The firm believes this outcome largely validates its view that SkyWater has unique quantum capabilities and can play a vital role in U.S. quantum computing and semiconductor onshoring policy, adding that its presumption is that this transaction “likely has some blessing of the U.S. government” given the significance of SkyWater’s legacy Department of Defense related business.
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